This April 9, 2009, photo shows the headquarters of Wells Fargo & Co., in San Francisco. (AP Photo/Eric Risberg, file)

(Newser)
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Wells Fargo will repay $25 billion in federal bailout funds, becoming the last major national bank to square its TARP account. Part of the money will come from a stock sale that's expected to yield $10.4 billion, the New York Times reports. "We’re ready to fully repay TARP in a way that serves the interests of the U.S. taxpayer, as well as our customers, team members and investors," said CEO John Stumpf. The move also frees the bank from government oversight and the accompanying restrictions on compensation.

@snowleopard. Keynesian economics has everything to do with our entire banking system. Tell me you have at least an inkling of understanding.

DontLikeYou___

Dec 15, 2009 11:46 AM CST

@shannonals - I have no idea what in hell you are talking about-- as usual.

brawne

Dec 15, 2009 4:24 AM CST

Woofer asks an interesting question--how did the major, not minor, banks become insolvent so fast that only a major cash transfusion from Woofer would save them? Is it because of all the deregulation in the past Dem and Repub years which allowed them to leverage to a scant inch of survival? If you bought a five million dollar house on a yearly income of 250 thousand--which you could do three years ago, would you consider yourself leveraged to the teeth? You make--say thirty-five thousand a month. Would you buy a house for twenty of that a month? If you're stupid-- cause that house will cost you way more than what you have left in taxes, insurance and upkeep. But, you got the loan, so you did it. Well, the TARP paid your entire five million mortgage cause you were in a bad place. Nah, just kidding, they paid off all the losses on mortgages for the banks--but, that bank still wants its five million. Do you get the wrongness in that? I have friends in that position. Now, it's a 135 thousand dollar house and some black family in Chicago through the aid of ACORN did the same thing. But, they are socialist shits undermining the system, and my rich friends are just dumb. Seems a bit racist and classist. But, if you don't believe in race, or class. Well, Okey dokey.